Credit institutions to continue to reduce lending interest rates in Vietnam

Nguyen Thi Diem My

14:07, 16/08/2023

On August 14, 2023, the State Bank of Vietnam issued Official Dispatch 6385/NHNN-CSTT requesting credit institutions, foreign bank branches to continue performing tasks and solutions to reduce lending interest rates.

Credit institutions to continue to reduce lending interest rates in Vietnam

Implementing the Government's and Prime Minister and the State Bank of Vietnam (SBV) requires credit institutions and state bank branches (hereinafter referred to as credit institutions) to perform the following tasks:

Credit institutions proceed with solutions to reduce interest rates, especially reducing lending interest rates for existing outstanding loans and new loans (taking all necessary steps to reduce interest rates by at least 1.5 – 2% per year) under the directives of the Government and the Prime Minister. This will aid businesses and the people to recover and develop production and business.

In addition, credit institutions shall send reports on lending interest rates, in specific:

- Report on the commitment to reduce lending interest rates in 2023 for existing outstanding loans, as per Table 1, and new loans to the State Bank of Vietnam (SBV) before August 25, 2023.

- Report on the results of the implementation of commitment to reduce lending interest rates in 2023 for existing outstanding loans, as per Table 2, and new loans to the State Bank of Vietnam (SBV) before January 8, 2022.

Official Dispatch 6385/NHNN-CSTT was issued on 14/8/2023.

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